Investing in gold today can be a nightmare. There are so many different dealers selling and it’s hard to know which one is good and which one is a scam. With this Goldbroker review I want to show you how I invest in gold. I have personally been a customer for a few years now.
Why not just buy from your local coin shop?
A lot of people ask me why they should get their gold online instead of at their local coin shop. My usual answer is, that it doesn’t really matter. If you can find a good price at your local coin shop for a product you want then go for it.
Usually your coin shop will be more expensive than buying gold online though. It’s quite simple, they have a store with rent and other costs that they need to cover by their profits.
An online store is very cheap to operate which is why you will often see cheaper gold prices online.
Goldbroker is an online store that opened in 2008 and has it’s headquarters in Malta with offices all over the world, including New York. It’s owned and operated by FDR Capital Ltd and they only deal in physical metals.
Here is a short introduction video about Goldbroker
In just a few short years Goldbroker has proven to be a very trustworthy site with a 8.5/10 rating on Trustpilot. Around 80% of those reviews are 5 stars and the other 20% is 4 stars. If you read through the customer reviews you can see that a lot of the people are talking about how professional Goldbroker is. Take the time to read through some of the reviews.
Goldbroker has also been mentioned a lot of times in media during it’s years. Below are some of the big news organizations that have mentioned Goldbroker and it’s way of conducting business in the physical precious metals industry. Do you think a news organization like Reuters would recommend Goldbroker if they weren’t sure of their professionalism?
Goldbroker has been focusing on selling precious metals in bigger quantities. This guarantees that their customers get the most amount of metal for their dollars. If you buy a 100 ounce gold bar, the price per ounce will be cheaper than if you buy a 1 ounce bar (obvious, right? The more you buy the cheaper it gets).
Because they are only involved in bigger quantities there is a minimum threshold of $5000 to invest. If you do not want to invest that much you should check out how you can open up a FREE gold savings account.
The products that Goldbroker sells are of the highest industry quality. The purity is of at least 99.9% and comes from the worlds most trusted refineries. All products sold by Goldbroker comes from refineries with the London Bullion Market Association (LBMA) stamp and are Good Delivery gold.
To have a LBMA stamp you have to follow the highest standards for your precious metals. Having a LBMA stamp is a very big deal in the precious metals community and it means that the gold from the refinery has the highest quality. You can read more about LBMA refineries and Good Delivery if you like.
Goldbroker offers both gold bars and gold coins. The gold bars comes in sizes 1 ounce, 100 grams or 1 kilogram. The coins comes in rolls of ten 1 ounce coins. You have a lot of products in these sizes to choose between. All with different designs.
Goldbroker also offers silver in both bars and coins. The bars come in sizes 1 kilogram, 100 ounces or 1000 ounces and their coins are 1 ounce coins that come in boxes of 200, 250, 450 or 500.
At Goldbroker you can also buy Palladium and Platinum. So this is your one and only stop for all your precious metals needs.
One of the biggest headaches that I had when I first started to invest in gold online was: How will I pay for my gold? When you buy from your local coin shop you just pay right on spot for your gold. Online it’s a little bit trickier, but in today’s day and age it is very simple to pay for goods and services online.
Goldbroker only accepts bank wire transfers. If this scares you a bit your not alone. My first time I was also very hesitant about this because it sounded like a lot of extra work. Why can’t I just pay with my credit card online?
After researching a bunch of gold dealers I saw that most of them only accepts bank wire transfers. The reason why is because a lot of the bullion dealers have to comply with anti money laundering laws. These laws make it a requirement to only accept bank wire transfers.
Once you have opened an account at Goldbroker you will get all of their bank information. Then you can either walk into your bank in person or transfer the money or through your online banking portal. This is actually very simple and shouldn’t be anything that scares you away from investing in gold.
This is what Goldbroker says about the security of their customers payments:
Before any transfer, a contract is signed between the investor and Goldbroker.com. You are protected by this contract.
Your Goldbroker account is protected by secure cryptographic methods. Your transactions are safe and protected by a high-quality security system: Verisign.
Another issue that I had at first with bank wire transfer was that usually the banks take a very big fee for you to transfer money like that. Fortunately Goldbroker accepts Transferwise.com, which let’s you only pay about 10% of the bank fee’s. Talk to the customer support at Goldbroker and they will help you with this.
Shipping or Storage
Goldbroker has a really cool thing where you can store your physical gold in highly secure vaults. You can choose between 4 different vaults in either New York, Toronto, Zurich (Switzerland) or Singapore.
When you store your gold in these vaults you receive a storage certificate. A storage company cannot issue a storage certificate unless the indicated quantities of gold or silver are physically present in their vault.
This is very important because that means that you personally own the gold without any third party risk. Even if Goldbroker or the storage vault would go bankrupt the physical gold is in your name and is your asset. Therefore you would just get your gold back.
This is not any “shared gold allocation” that you get from a lot of other companies. When you buy a bar from Goldbroker and store it in one of their vaults you get your own bar with a unique serial number. This means that if you call up the storage company 5 years later and want your gold back, you get the exact same bar as the one your bought.
Your physical gold is fully insured by the storage company. You can ask the storage company to send you pictures of your gold and you can also arrange to personally visit the vaults and see your gold. How exciting isn’t that?
Whenever you want, you can arrange to personally come and pick up your gold up or get the storage company to ship the gold to you. In a time where people are afraid of storing their gold at home for numerous reasons this is a very good option.
If you want personal possession of your gold that is no problem. Goldbroker ships their gold worldwide with highly secured shipments. Every shipment is fully insured and if you purchase over $250,000 worth of metals it will be shipped in an armored vehicle.
If you live in the United States you can take advantage of FREE shipping. This is very rare in the gold community and was a big selling point for me. That means that the price you see for a bar on their website is what you will pay. Doesn’t get easier than that.
International shipping will be based on the weight and the final destination. Contact their customer support before to get an estimate of how much it will cost. Their rates are very competitive and the cheapest that I’ve seen. The minimum amount they ship is 1 ounce of gold or 100 ounces of silver.
Pick it up yourself
If you do not want to store your gold in a secure vault or ship it to you then you can just arrange with Goldbroker to come pick your gold up. Contact them to arrange for this and you will pick it up at one of their offices or vaults.
This way you have no insurance though so I would recommend that you ship it with Goldbroker instead. But at least you have the option. This is what’s great with Goldbroker. There is an option for almost everything. It’s the one and only stop for investing in precious metals.
Goldbroker has a tremendous support. I have been investing in gold for a long time and I had some very tough questions for their support staff. They answered them all directly and showed an enormous knowledge in the gold market. This was also a huge plus for me. I want to deal with people that really know what their talking about.
If you have any questions make sure you contact their support staff and they will gladly help you. You can contact them either through phone, live chat or by email. Once you have set up your account you also have the possibility for secure encrypted messaging.
Please don’t hesitate to contact the support staff for any of your questions. They will answer all of them and guide you towards your gold investing career.
Also if you have any questions that you do not want to ask their support staff please leave a comment below and I will answer your question to the best of my knowledge.
Like I’ve said many times now. I have been investing in gold for a very long time and I have never found a more professional and well rounded precious metals dealer.
Security and comfort for their customers is one of the cornerstones in their business which is really good for gold investing. When you invest in gold you are searching for security outside of the banking system. So it only makes sense that your gold dealer cares about security as well, right?
Don’t be afraid to try out the secure storage vaults. I have personally tried it and it really is as good as it sounds.
I hope that you have enjoyed this Goldbroker review and that I have answered a lot of the common questions regarding investing in gold online.
Please leave a comment below if you have any questions or contact me personally if you want some more information. Me, as well as Goldbroker support team, is here to make your gold investing as secure and painless as possible.